Africa Oil & Gas: Petrobras to start binding phase to sell Africa unit

petrobras_nigeria-664x470Brazil’s Petrobras has started the binding phase in the process to sell 100 percent of subsidiary Petrobras Oil & Gas B.V. (POGBV), according to a securities filing.

The subsidiary, known as Petrobras Africa, participates in two deepwater oil exploration blocks off the coast of Nigeria that contain the Akpo and Agbami producing fields that are operated by Total and Chevron respectively.

In this phase, Petrobras will instruct interested investors on how to proceed with due diligence and to present the binding proposals.

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According to an announcement November 7 2017, POGBV owns interests in two world-class deepwater offshore blocks in Nigeria – OML 127 & OML 130 – which contain the producing fields Akpo and Agbami, the ongoing oil development Egina, with first production expected in late 2018, as well as the Preowei discovery, which is currently being appraised.  The giant Akpo and Egina fields are operated by Total and Agbami by Chevron. POGBV’s net entitlement reserves amount to approx. 204 million bbl with current production of 48 thousand bbl/day and expectation to reach around 75 thousand bbl/day by 2019. Source: Reuters

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